anz counter party write down alert part 2

(re posted with extra links to assure mod of actual downgrade)

Standard & Poor just downgraded MBIA and Ambac, the major bond insurers. Last month Fitch downgraded them. This could provide the ultimate push for the banks to move damaged assets on their balance sheets.

If you remember back in Feb 08 ANZ was forced to make debt provision because a bond insurer counter party had its credit rating lowered

http://www.advfn.com/nyse/StockNews.asp?stocknews=ACA&article=24802981&headline=australias-anz-says-global-credit-crunch-will-wipe-out-profit-growth-this

ANZ are now likely to need to do this again as the two biggest bond insurers in the world have had their ratings lowered. This will trigger a wave of bank write downs globally and ANZs business model makes it particularly vulnerable to counter party derivative failure

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN0559017920080605

http://www.housingwire.com/2008/06/06/more-downgrades-to-monoline-bond-insurers-show-worst-of-mortgage-crisis-may-yet-lie-ahead/

http://business.smh.com.au/ratings-blow-to-us-insurers-puts-13b-bonds-at-risk-20080608-2nli.html

http://www.marketwatch.com/news/story/ambac-mbia-lose-aaa-ratings/story.aspx?guid=%7B41C945B9-BADC-4461-8ABC-0C85BC24C29A%7D&dist=hplatest